富创精密（688409）：战略投入期，积极扩张国内外产能

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is in a strategic investment phase, actively expanding domestic and international production capacity [1] - In Q1 2025, the company achieved revenue of 800 million yuan, a year-on-year increase of 9% and a quarter-on-quarter increase of 5%. However, it reported a net loss attributable to shareholders of 22.16 million yuan [5][6] - The company is expected to achieve revenue of 3 billion yuan in 2024, a year-on-year increase of 47%, with a net profit of 200 million yuan, a year-on-year increase of 20% [5] - The company is one of the few that can mass-produce 7nm process semiconductor equipment precision components, with new production lines in Shenyang, Nantong, and Beijing contributing to performance [7] - The company has completed the acceptance of its IPO fundraising project in Nantong and has successfully started production, while its Singapore facility has passed verification from major overseas clients [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 325 million, 439 million, and 644 million yuan, respectively, with corresponding EPS of 1.06, 1.43, and 2.10 yuan [8] Financial Summary - In 2024, the company is projected to have a revenue of 3,040 million yuan, with a year-on-year growth of 47.1% [10] - The net profit attributable to shareholders is expected to be 203 million yuan in 2024, with a year-on-year increase of 20.1% [10] - The gross margin is projected to be 25.8% in 2024, increasing to 27.0% in 2025 [10] - The company’s P/E ratio is expected to decrease from 65.28 in 2024 to 23.45 in 2027, indicating improving valuation [10]